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B Com Exam  >  B Com Tests  >  Income Tax Laws  >  Test: Tax Administration- 1 - B Com MCQ

Test: Tax Administration- 1 - B Com MCQ


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10 Questions MCQ Test Income Tax Laws - Test: Tax Administration- 1

Test: Tax Administration- 1 for B Com 2024 is part of Income Tax Laws preparation. The Test: Tax Administration- 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Tax Administration- 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Tax Administration- 1 below.
Solutions of Test: Tax Administration- 1 questions in English are available as part of our Income Tax Laws for B Com & Test: Tax Administration- 1 solutions in Hindi for Income Tax Laws course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Tax Administration- 1 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Income Tax Laws for B Com Exam | Download free PDF with solutions
Test: Tax Administration- 1 - Question 1
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In the context of TCS, which of the following entities is responsible for the collection of tax from the buyer?

Detailed Solution for Test: Tax Administration- 1 - Question 1
In the Tax Collected at Source (TCS) mechanism, the seller is responsible for the collection of tax from the buyer. The tax is collected on transactions such as the sale of goods, receipt of amounts in cash or through other modes from the buyer.
Test: Tax Administration- 1 - Question 2
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Which type of entities can apply for a lower rate of TCS by submitting Form No.13?

Detailed Solution for Test: Tax Administration- 1 - Question 2
Individuals/HUF whose total sales or gross receipts exceed the prescribed monetary limits as specified under section 44AB during the previous year can apply for a lower rate of TCS by submitting Form No.13.
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Test: Tax Administration- 1 - Question 3
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When should TCS returns be filed for the first three quarters of the financial year?

Detailed Solution for Test: Tax Administration- 1 - Question 3
TCS returns for the first three quarters of the financial year should be filed on or before July 15, October 15, and January 15, respectively.
Test: Tax Administration- 1 - Question 4
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What is the purpose of filing Form No-27D in the context of TCS?
Detailed Solution for Test: Tax Administration- 1 - Question 4
Form No-27D is used to report the collection of tax at source. Persons collecting tax at source must submit this form within a week from the last day of the month in which the tax was collected.
Test: Tax Administration- 1 - Question 5
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Under which section of the Income Tax Act is an individual, who does not have any income from business or profession, exempt from paying advance tax?
Detailed Solution for Test: Tax Administration- 1 - Question 5
Section 207 of the Income Tax Act provides an exemption from paying advance tax to a resident senior citizen (individual of age 60 years or more) who does not have any income from business or profession.
Test: Tax Administration- 1 - Question 6
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What happens when an assessee pays more tax than the amount for which he is actually chargeable?
Detailed Solution for Test: Tax Administration- 1 - Question 6
When an assessee pays more tax than the amount for which he is actually chargeable, the excess amount is eligible for a refund. This refund is granted to the assessee after proper verification.
Test: Tax Administration- 1 - Question 7
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Which section of the Income Tax Act provides for the payment of interest on delayed refunds of tax?
Detailed Solution for Test: Tax Administration- 1 - Question 7
Section 244 of the Income Tax Act provides for the payment of interest on delayed refunds of tax. If the Assessing Officer does not grant the refund within a specified period, the Central Government pays simple interest to the assessee on the refund amount.
Test: Tax Administration- 1 - Question 8
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What is the time limit for claiming a refund of tax for an assessment year commencing on or before April 1, 1967?
Detailed Solution for Test: Tax Administration- 1 - Question 8
For an assessment year commencing on or before April 1, 1967, the time limit for claiming a refund of tax is 4 years from the last day of such assessment year.
Test: Tax Administration- 1 - Question 9
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In which mode can a Tax Recovery Officer recover arrears of tax by attaching and selling movable property?
Detailed Solution for Test: Tax Administration- 1 - Question 9
A Tax Recovery Officer can recover arrears of tax by attaching and selling movable property through the mode of "Distraint and Sale of Movable Property."
Test: Tax Administration- 1 - Question 10
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What is the rate at which simple interest is paid on delayed refunds of tax for income assessable for the assessment year commencing on or after April 1, 2006?
Detailed Solution for Test: Tax Administration- 1 - Question 10
For income assessable for the assessment year commencing on or after April 1, 2006, simple interest on delayed refunds of tax is calculated at the rate of 1.5% per annum.
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